Alchemy is changing one thing into something else. In game terms the closest thing to Alchemy is in transmuting crafting reagents. There's no school for it, you get recipes from crafters throughout the spiral.

Gretta Darkette in Firecat Alley said breifly that she used to teach Alchemy? What is Alchemy and where can you learn it? Thanks for your help

Brandon Storyrunner-Level 51 Balance/Ice Wizard

Alchemy does not exist in this game, it was something that was referred to. It is an old method of science that basically states that something of equal value has to be exchanged to get something new, i.e. equivalence exchange. The idea was to turn one material into something new. A prime example that Alchemists tried to do was to turn coal into gold. Of course, this has not yet happened in real life. Another thing Alchemists wanted to do was to make an elixir, to be able to live for long periods of time, or even forever. This is a medieval practice that is no longer seen, for the most part. Isaac Newton was an Alchemist, to name a famous one.

Resource: I study myths and renaissance related things, something that I have minored in within college.